re: Installed my first bitcoin miner...Posted by WikiTiger on 2/27/13 at 4:56 pm to Lsut81

quote:what if everyone decides to exchange out their bitcoins for USD's at one given time

if there were an abundance of sell orders on the exchanges, I imagine the price would drop tremendously and quickly

quote:But what is stopping these individuals from making up millions for themselves and cashing out after all of you minions invest money into the system?

No one can "make up" bitcoins. They can mine them, but that takes a great amount of resources (i.e. value for value).

The protocol prevent the creation of new bitcoins, and if attempted would simply be rejected by the network. As I've mentioned before, forks of the bitcoin blockchain can be created by they would essentially be a new currency.

quote:Do you deny that people right now are paying around $31.32 for a bitcoin?

Right now, as we speak, people are paying real money for W.O.W Gold.

It's apparently valuable, in the World of Warcraft. Probably because MR.T keeps taking it from people to make more chains.

What would I pay for W.O.W. gold? NOT A MOTHER frickING THING, BECAUSE IT'S NOT REAL, IT'S LINES OF CODE/ENCRYPTED CODE/WHATEVER. IT'S WORTHLESS, IT DOESN'T EXIST, IT'S A FIGMENT OF SOME PROGRAMMER'S IMAGINATION.

It's an alternative currency, for an alternative universe. And no, before you ask, I've never played. How is bitcoin any different?